New York Gov. Kathy Hochul on Nov. 17, 2023, signed Senate Bill S3539 (Retainage Amendment), which amended Sections 756-a and 756-c of the New York General Business Law, commonly referred to as the Prompt Payment Act. The...more
On November 17, 2023, Governor Kathy Hochul signed a bill into law amending Sections 756-a and 756-c of the New York State Prompt Payment Act (N.Y. Gen. Bus. Law §756 (McKinney 2009)) governing restrictions on retainage and...more
No matter your tier in the construction contracting chain, understanding the nuanced rules and procedures about retainage, back charges, and other payment withholdings is critical to managing cash flow and protecting your...more
The Tennessee legislature recently passed the Construction Industry Payment Protection Act (“CIPPA”), SB2681/HB2706, which offers significant changes to the Tennessee construction industry. Not only does the act amend...more
The Tennessee Construction Industry Payment Protection Act was signed into law on June 22. The Act addresses or reallocates certain risks associated with non-payment on construction projects under Tennessee’s Prompt Pay Act...more
A Commission Delegated Regulation outlining Regulatory Technical Standards specifying the information on financial contracts that a firm may be required to maintain was published in the Official Journal of the European...more
Experts are predicting a 95% chance of heavier-than-usual seasonal rainfall this year in Southern California based on the phenomenon known as “El Niño.” Did the California Legislature and its Governor produce a comparable...more
The Commonwealth of Massachusetts has a new retainage law applicable to most private construction projects that took effect on Nov. 6, 2014. The Retainage Law limits retainage to 5 percent of each payment and regulates the...more
A new law is now in effect for contracts executed after November 6, 2014, that not only affects the amount of retainage that a construction stakeholder may withhold but also mandates processes for project completion. In...more